Silvano Fashion Group Consolidated Interim Financial Report for Q1 of 2025 (unaudited)

Selected Financial Indicators

Summarized selected financial indicators of the Group for Q1of 2025 compared to Q1of 2024 and 31.03.2025 compared to 31.12.2024 were as follows:

in thousands of EUR	03m 2025	03m 2024	Change
Revenue	12 016	13 904	-13.6%
Gross Profit	5 844	7 789	-25.0%
Operating profit	1 402	3 548	-60.5%
EBITDA	2 165	4 298	-49.6%
Net profit for the period	2 969	2 916	1.8%
Net profit attributable equity holders of the Parent company	2 752	2 554	7.8%
Earnings per share (EUR)	0,08	0,07	14.3%
Operating cash flow for the period	-2 618	1 753	-249.3%
in thousands of EUR	31.03.2025	31.12.2024	Change
Total assets	89 449	84 489	5.9%
Total current assets	75 130	70 871	6.0%
Total equity attributable to equity holders of the Parent company	70 389	65 993	6.7%
Cash and cash equivalents	2 348	7 683	-69.4%
Short-term deposits over 3 months	36 971	32 007	15.5%
Margin analysis, %	03m 2025	03m 2024	Change
Gross profit	48.6	56.0	-13.2%
Operating profit	11.7	25.5	-54.1%
EBITDA	18.0	30.9	-41.7%
Net profit	24.7	21.0	17.6%
Net profit attributable to equity holders of the Parent company	22.9	18.4	24.5%
Financial ratios, %	31.03.2025	31.12.2024	Change
ROA	15.0	15.3	-2.0%
ROE	19.2	20.0	-4.0%
Price to earnings ratio (P/E)	3.6	3.0	20.0%
Current ratio	7.2	6.6	9.1%
Quick ratio	4.1	4.0	2.5%

Financial performance

The Group`s sales amounted 12 016 thousand EUR during Q1of 2025, representing a 13.6% decrease as compared to the same period of previous year. Overall, wholesale decreased by 24.0%, measured in EUR.

The Group’s gross profit during Q1of 2025 amounted to 5 844 thousand EUR and decrease by 25.0% compared to previous year. The gross margin during Q1of 2025 decreased by 13.2% compared to Q1of 2024. The cost of sold goods increased by 0.9%.

Consolidated operating profit for Q1of 2025 amounted to 1 402 thousand EUR, compared to 3 548 thousand EUR for Q1of 2024, decrease by 60.5%. The consolidated operating profit margin was 11.7% for Q1of 2025 (25.5% for Q1of 2024). Consolidated EBITDA for Q1of 2025 decreased by 49.6% and amounted to 2 165 thousand EUR, which is 18.0% in margin terms (4 298 thousand EUR and 30.9% for Q1of 2024).

Reported consolidated net profit attributable to equity holders of the Parent company for Q1of 2025 amounted 2 752 thousand EUR, compared to net profit of 2 554 thousand EUR for Q1of 2024, net profit margin attributable to equity holders of the Parent company for Q1of 2025 was 22.9% against net profit 18.4% for Q1of 2024.

Financial position

As of 31March 2025 consolidated assets amounted to 89 449 thousand EUR representing increase by 5.9% as compared to the position as of 31 December 2024.

Trade and other receivables increased by 501 thousand EUR as compared to 31 December 2024 and amounted to        1 707 thousand EUR as of 31March 2025. Inventory balance increased by 3 835 thousand EUR and amounted to   32 140 thousand EUR as of 31 March 2025.

Equity attributable to equity holders of the Parent company increased by 4 396 thousand EUR and amounted to             70 389 thousand EUR as of 31 March 2025. Current liabilities decreased by 221 thousand EUR during Q1of 2025.

Investments

During Q1 of 2025 the Group’s investments into property, plant and equipment totalled 90 thousand EUR, in previous year same 278 thousand EUR. Investments were made mainly into opening and renovating own stores, as well into equipment and facilities to maintain effective production for future periods.

Personnel

As of 31 March 2025, the Group employed 1 642 employees, including 517 people in retail operations. The rest were employed in production, wholesale, administration and support operations. In 31.12.2024 there were 1 655 employees, including 518 people in retail operations.

Total salaries and related taxes during Q1of 2025 amounted 3 929 thousand EUR ( 3 509 thousand EUR in Q1 2024). The remuneration of key management of the Group, including the key executives of all subsidiaries, totalled 208 thousand EUR.

Consolidated Statement of Financial Position

in thousands of EUR	Note	31.03.2025	31.12.2024
		Unaudited	Unaudited
ASSETS
Current assets
Cash and cash equivalents	2	2 348	7 683
Short-term deposits over 3 months	2	36 971	32 007
Trade and other receivables	3	1 707	1 206
Prepayments and other tax receivables	3	1 872	1 603
Current loans granted		11	0
Other assets		81	67
Inventories	4	32 140	28 305
Total current assets		75 130	70 871
Non-current assets
Non-current receivables		319	271
Investments in associates		101	92
Investments in other shares		225	208
Deferred tax asset		3 751	3 347
Intangible assets		699	649
Investment property		895	837
Property, plant and equipment	5	8 329	8 214
Total non-current assets		14 319	13 618
TOTAL ASSETS		89 449	84 489
LIABILITIES AND EQUITY
Current liabilities
Current lease liabilities		1 887	2 252
Trade and other payables	6	7 013	7 031
Tax liabilities		1 585	1 423
Total current liabilities		10 485	10 706
Non-current liabilities
Deferred tax liability		770	715
Non-current lease liabilities		3 934	3 694
Non-current provisions		46	43
Total non-current liabilities		4 750	4 452
Total liabilities		15 235	15 158
Equity
Share capital	7	3 600	3 600
Share premium		4 967	4 967
Statutory reserve capital		1 306	1 306
Unrealised exchange rate differences		-18 851	-20 495
Retained earnings		79 367	76 615
Total equity attributable to equity holders of the Parent company		70 389	65 993
Non-controlling interest		3 825	3 338
Total equity		74 214	69 331
TOTAL EQUITY AND LIABILITIES		89 449	84 489

Consolidated Income Statement

in thousands of EUR	Note	1Q 2025	1Q 2024
		Unaudited	Unaudited
Revenue from contracts with customers	9	12 016	13 904
Cost of goods sold		-6 172	-6 115
Gross Profit		5 844	7 789
Distribution expenses		-3 020	-2 772
Administrative expenses		-1 283	-1 263
Other operating income		63	48
Other operating expenses		-202	-254
Operating profit		1 402	3 548
Currency exchange income/(expense)		1 833	-51
Other finance income/(expenses)		112	128
Net finance income		1 945	77
Profit (loss) from associates using equity method		-7	16
Profit before tax		3 340	3 641
Income tax expense		-371	-725
Profit for the period		2 969	2 916
Attributable to:
Equity holders of the Parent company		2 752	2 554
Non-controlling interest		217	362
Earnings per share from profit attributable to equity holders of the Parent company, both basic and diluted (EUR)	8	0,08	0,07

Consolidated Statement of Comprehensive Income

in thousands of EUR	Note	1Q 2025	1Q 2024
		Unaudited	Unaudited
Profit for the period		2 969	2 916
Other comprehensive income (loss) that will be reclassified to profit or loss in subsequent periods:
Exchange differences on translation of foreign operations		1 914	-264
Total other comprehensive income for the period		1 914	-264
Total comprehensive income (loss) for the period		4 883	2 652
Attributable to:
Equity holders of the Parent company		4 396	2 264
Non-controlling interest		487	388

Consolidated Statement of Cash Flows

in thousands of EUR	Note	03m 2025	03m 2024
Cash flow from operating activities		Unaudited	Unaudited
Profit for the period		2 969	2 916
Adjustments for:
Depreciation and amortization of non-current assets		763	750
Share of profit of equity accounted investees		7	-16
Gains/Losses on the sale of property, plant and equipment		0	8
Net finance income / costs		-1 945	-77
Provision for impairment losses on trade receivables		4	0
Provision for inventories		1	0
Income tax expense		371	725
Change in inventories		-3 835	-91
Change in trade and other receivables		-501	-925
Change in trade and other payables		-188	-1 148
Interest paid		-4	0
Income tax paid		-260	-389
Net cash flow from operating activities		-2 618	1 753
Cash flow from investing activities
Interest received		249	319
Dividends received		12	8
Purchase of other financial investments		-16 400	0
Proceeds of other financial investments		11 500	0
Proceeds from disposal of property, plant and equipment		1	12
Loans granted		-11	0
Proceeds from repayments of loans granted		0	9
Acquisition of property, plant and equipment		-90	-278
Acquisition of intangible assets		-20	-12
Net cash flow from investing activities		-4 759	58
Cash flow from financing activities
Proceeds from borrowings		500	4 003
Repayment of borrowings		-500	0
Payment of principal portion of lease liabilities		-566	-495
Interest paid on lease liabilities		-208	-195
Dividends paid		0	-624
Net cash flow from financing activities		-774	2 689
Net increase/decrease in cash and cash equivalents		-8 151	4 500
Cash and cash equivalents at the beginning of period		7 683	32 878
Effect of translation to presentation currency		2 919	189
Effect of exchange rate fluctuations on cash held		-103	-62
Cash and cash equivalents at the end of period		2 348	37 505

AS Silvano Fashion Group
Phone: +372 6845 000
Email: info@silvanofashion.com

Attachment

• SFG consolidated interim financial report for Q1 of 2025 unaudited